Thousand Oaks apartment complex sells for $67 million

A 191-unit multifamily community at 491 W. Gainsborough Road in Thousand Oaks sold for $67 million.

Pacific Urban Residential bought the property from IMT Capital LLC, according to Greg Harris of Marcus & Millichap who coordinated the deal.

“The acquisition provided the buyer with the opportunity to enter a highly coveted market supported by the city’s strong submarket fundamentals, lack of new multifamily supply and high cost of ownership in meaningful scale,” Harris said in a news release.

Built in 1973, IMT Thousand Oaks features one-, two- and three-bedroom units and an onsite business center, a pet park, and a swimming pool with cabanas.